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Fitch cuts Orascom Construction, rates bond issue BBB+(egy)
Fitch Ratings said it assigned Orascom Construction Industries' upcoming bond issue a national BBB+(egy) rating, based on unconsolidated accounts and the term sheet provided by the company dated Dec. 14.
At the same time, Fitch downgraded the Orascom Construction's EGP 400 million second bond issue to BBB+(egy) from A-(egy) based on unconsolidated financials.
Fitch said the ratings reflect Orascom Construction's increasing financial risk mainly due to an increase in debt levels, which have led to deterioration of the company's cash flow-based credit protection measures.
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